Legal

Unlike emergency savings accounts that employers have rolled out over the past few years, these new SECURE 2.0 pension-linked accounts have auto-enrollment but employees must be given the chance to opt out.

An investigation was launched on Tuesday into the PBGC, which a House Committee alleges it failed to stop funds from going to deceased plan participants, even though the PBGC asserts that the funds were not "improperly" paid.

The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.

The lawsuit, filed on behalf of UnitedHealth's 200,000 current and former employees, alleges CFO John Rex interfered with the company's decision to drop "one of the worst-performing target date options in the entire market."

Plan sponsors and advisors could face heightened scrutiny under the proposed fiduciary rule, however, they can learn more about the new regulation at a virtual public hearing next week or file public comments by Jan. 2, 2024.